Re Eaglet EGM

    Eaglet Investment Trust plc ("Eaglet" or the "Company")            

                                 Re Eaglet EGM                                 

The Board of Eaglet notes the recent announcement by Advance UK Trust PLC,
which is managed by Progressive Value Management Limited, requesting a return
of cash by the Company before Christmas.

The Board is committed to returning cash to shareholders as demonstrated by its
recent proposals. These included an immediate tender offer for 49% of the
Company's shares in issue at a price close to net asset value followed by a
change in investment policy and authority to return further cash through share
buybacks.

As the Resolutions were not passed, the Court date to approve the reduction in
the Company's share premium account (which is required to complete the proposed
tender offer) cannot now be met and it is therefore not possible to return such
cash to shareholders prior to Christmas.

The Board intends to consult with shareholders with a view to formulating
alternative proposals which seek to balance the views and interests expressed.
A further announcement will therefore be made in due course.

Enquiries:                                                                     
                                                                               
Steve Winrow                            01624 623994                           
                                                                               
Knox D'Arcy Asset Management Ltd                                               
                                                                               
Alastair Moreton                        020 7012 2000                          
                                                                               
Hannah Pearce                                                                  
                                                                               
Arbuthnot Securities Limited                                                   

Capitalised terms used in this announcement will have the same meaning as in
the circular dated 27 October 2008 unless the context requires otherwise.

Arbuthnot Securities Limited, which is regulated by the Financial Services
Authority, is acting for Eaglet Investment Trust plc and no-one else and will
not be responsible to any person for providing the protections afforded to its
customers nor for providing advice in relation to the Proposals nor any other
matter referred to in this announcement.



END